The Frugal Creditnista

Texas auto lender fined $2.75M for credit errors

Here is a perfect example as to why professional credit restoration specialists are needed and I wish I could tell you that this is an isolated incident.  Statistically there are over 40 Million people in the US with errors on their credit report.  Could you be one of them?

“A Texas company that provides auto loans to subprime borrowers was fined $2.75 million Wednesday for distorting customers' credit records for three years, potentially harming tens of thousands of consumers.

The federal Consumer Financial Protection Bureau imposed the fine against First Investors Financial Services Group after an investigation showed officials of the Houston-based firm knew their computer system was sending inaccurate information to credit reporting agencies, but took little action to correct the problem.

As a result, the company understated how much some clients paid on their auto loans, overstated the amounts past due, misreported dates when customers fell behind on payments and inflated the number of delinquent payments, investigators found.” Full Story

If you feel there may be inaccurate, derogatory information on your credit report; contact us today!  Never let the companies providing the information on your credit report to have the upper hand.  It's up to you to challenge the validity of all the information on your credit file; especially considering that your credit score has a factor in every factor of your life from getting an apartment/home, a car, cell phone, and utilities to even obtaining employment.  Take charge and partner with us.
Ph: 708-872-0811; mnhcreditsolutions@yahoo.com

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